Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,993/mo
Lowest payment- Down payment
- $36,131
- Funds due
- $51,972
- Interest + MI left
- $677,925
- First ends
- Mar 2056
New loan
New conventional
$4,273/mo
+$280/mo- Down payment
- $61,500
- Funds due
- $73,101
- Interest + MI left
- $809,309
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $578,869 | $553,500 |
| Second mortgage | — | — |
| First P&I | $3,580.61 | $3,749.60 |
| Second P&I | — | — |
| Mortgage insurance | — | $110.70 |
| Taxes, insurance & HOA | $412.67 | $412.67 |
| Total housing payment | $3,993.28 | $4,272.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,131
Closing costs & prepaids$15,841
Usable credit−$0
Total buyer cash needed$51,972
Earnest money paid−$0
Remaining funds due$51,972
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,894.35
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$738.00
Prepaid interest, first (6 days)$590.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing29 yr 3 moOf the original 30-year loan at 6.21%
Interest already paid$27,095Through Dec 2026
Assumption only · ends Mar 2056$677,925
New conventional · ends Jan 2057$809,309